What are the benefits of going on to receive my MBA in Accounting?

Hi Ayomide! Great question!

I'd like to start by saying I obtained my Masters of Accounting (MAcc) degree which is very similar to an MBA in accounting. Here are some of the biggest benefits to staying in school for an additional year to obtain your MAcc or MBA, in my opinion:

1. More specialized knowledge into areas of accounting. I was able to take classes such as Corporate Taxation, Accounting Research, Advanced Auditing, and Government Accounting, and IFRS Accounting. Most undergraduate problems don't even touch on these topics and I found them very useful in both my profession and in studying for the CPA exam.
2. An automatic way to hit your 150 hours which you need to earn a CPA license. Most people put off the extra credits until they start work which doesn't allow them to fully focus on work and/or studying.
3. A leg up on others in the workforce. An MBA or MAcc degree puts you above your competition who only earned an undergraduate degree.
4. Allows you an extra summer to really focus on CPA exam studying (if you put off your start date until the fall).

However, you must also consider the cost and expenses associated with an extra year of school including tuition, rent, etc. I was able to be a Graduate Teaching Assistant for an Introduction to Financial Accounting Class, which allowed me to make money towards paying for my degree. I also applied for various scholarships which reduced the cost greatly.

Overall, I cannot begin to explain how beneficial my MAcc degree was and I would not have done it any other way! Good luck to you in your future endeavors.

Masters degree will not give you much benefit as an accountant. The CPA license is what you need to advance.

That said if you think you may want to pursue consulting, corporate finance, or something not related to posting journal entries then an MBA does help you stand out. And as mentioned if your state requires 150 credit hours to get CPA license then masters is a good way to Jill two birds with one stone and get MBA and 150 hours and then go into accounting and get CPA.

Of course the order is irrelevant and many firms and companies offer education reimbursement so you may have an option to start working and do part time MBA (with financial assistance from firm) to get the 150 hours and experience prior to taking CPA exam.

I got a Masters in Business Taxation (not an MBA) at USC and because of that I understand more of the tax rules and I learned how to do tax research. So in that way it's helped me in my career at PwC as a Tax Associate. Also, I got a 4k higher starting salary because of it. There was a similar program, Masters in Accounting, at USC if you are more interested in audit. I don't think an MBA would be as useful since it wouldn't be as accounting or tax specific.

Another benefit was that because I took a year to get my Masters I was able to use that time to pass all the CPA exams before I started working (I took three during my spring semester and one between graduating with my MBT and starting work). As I watch a lot of my coworkers struggle to balance work and the CPA exam I'm so glad I'm already done. Regardless of whether you get a Masters, I'd highly recommend becoming a CPA since so many more options are open for CPAs.

Never the right answer...like most things in life, it all depends!

What I mean is that it depends ultimately with what is your longer term career aspiration. Do you want to become a business person, a financial adviser or a professional accountant? As Stephen Covey says, "begin with the end in mind". Look first at what career path you want to take and then determine the appropriate training programs.

Assuming you want to become a business person... My personal suggestion is to join a CPA firm out of college as it will allow you to get your CPA and get fantastic work experience (build knowledge, skills and experience is a variety of businesses in a relatively short time); or work for 2-4 years before going back for your MBA. Select an MBA program that will help you connect with different professionals from whom you will also learn from when working on case studies. You will also start building business contact networks.